Mass production is possible only if there is also __________________________.
Fill in the blank(s) with the appropriate word(s).
mass consumption
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What is most affected by the expected rate or pace of economic growth?
A) investment spending B) government purchases C) unemployment D) exports
Which of the following is associated with classical growth theory?
I. Growth in real GDP can continue indefinitely. II. Technological growth increases as the population grows. III. Population explosions bring real GDP per person back to subsistence levels. A) I B) II C) III D) I and III
The difference between savings and investment is that a. investment is purchasing stock, while savings is putting money in a bank. b. investment is purchasing capital, savings is postponing consumption. c. investment is purchasing assets, while consumption is purchasing goods. d. investment increases output, while savings decreases output
Figure 4.1
How do economists view positive statements?
a. affirmative, justifying existing economic policy b. optimistic, putting the best possible interpretation on things c. descriptive, making a claim about how the world is d. prescriptive, making a claim about how the world ought to be